Large, Leveraged Bet on MetroPCS

Shares of MetroPCS Communications Inc. PCS are trading flat on the session, currently trading $9.05. The stock recently jumped higher, off of the 50-day and 200-day moving averages, which is a strong, bullish signal. The stock is seeing a large, leveraged trade today as well. I am seeing the August $11 call purchased 8,000 times on the offer for $0.40 and the January 2011 $11 call sold on the bid 4,000 times for $0.82. The resulting trade was done for a credit of $0.01 per call contract owned. Volume vastly exceeded open interest on both strikes. This trade benefits from a strong move higher in the shares because the January contracts will have less time value as the stock rallies. Note that if the stock ends below $11 in August, the trader will be exposed to naked calls in January.